Weekly Analysis Of The Cryptocurrency Market: Altcoins Are Starting To Recover From Their Intraday Lows

Altcoins are recovering from their recent decline. In the early stages of the recovery, bulls will stop the decline above existing support while moving sideways.

According to this price analysis by Coinidol.com, Nervos Network, Popcat, Quant, MANTRA and Bittensor will rise as long as cryptos are above the current support level.

Nervos Network

Nervos Network (CKB) is in a downtrend and moving sideways. The selling pressure was caused by a rejection at the $0.030 overhead resistance. The cryptocurrency is recovering after falling above the $0.007 support. The altcoin is rising after breaking above the moving average lines. 

Buyers are hoping to push the altcoin to its previous high of $0.030. In recent price action, the aforementioned resistance has been unbroken since March 29. Today, the altcoin reached a high of $0.019 before falling back. CKB will continue to rise, staying above the moving average lines. CKB is the best performing cryptocurrency.

The current price: $0.01438

Market capitalization: $656,577,104

Trading volume: $325,056,989

7-day gain: 72.26%

Popcat

Popcat (POPCAT) has moved sideways since June 26. The cryptocurrency has traded in a price range of $0.40 to $0.90. 

Today, the bullish momentum has broken the moving average lines and reached a high of $0.80. The uptrend is encountering initial resistance near the high of $0.80. The initial barrier has not been breached since August 25. The altcoin will fall below the moving average lines if it cannot hold its current high. If the first barrier is overcome, the market will rise to its previous high of $0.90. 

Otherwise, the current sideways trend will continue. POPCAT is the second highest performing cryptocurrency.

The current price: $0.735

Market capitalization: $720,326,780

Trading volume: $68,565,602

7-day gain: 41.72%

Quant 

Quant (QNT) is in a downtrend but has recently corrected upwards. On the daily chart, the price of the cryptocurrency has risen above the moving average lines but is encountering resistance at $77. The altcoin is heading back to the moving average lines. The uptrend will continue if the price retraces and finds support above the moving average lines. The cryptocurrency will rise and test the $77 mark. However, the downtrend will continue once the price falls below the moving average lines. The altcoin has fallen to a low of $74. QNT is the third best performing cryptocurrency according to these parameters.

The current price is $74.48

Market Capitalization:  $1,107,049,445

Trading Volume: $7,544,124

7–day Gain: 27%

MANTRA 

MANTRA (OM) is currently in an uptrend and has recovered from its decline. The uptrend has overcome the resistance at $0.88 and reached a new high of $1.41. The altcoin has returned above the support level of $0.88, which was the previous resistance. The uptrend could continue if the existing support holds.

In the meantime, OM is trading above the $0.90 support and below the $1.30 resistance. The altcoin is currently in a bull market. OM is the fourth best performing cryptocurrency. Here are some of its characteristics.

The current price: $1.10

Market Capitalization: $976,743,746

Trading Volume:  $14,734,198

7–day Gain/Loss: 23.50%

Bittensor

Bittensor (TAO) is trading sideways. The price range of the cryptocurrency is between $220 and $360. 

Today, the price of the cryptocurrency has risen above the moving average lines and has reached the $360 mark. The bulls have tried to retest the $360 resistance four times but were unsuccessful. If the $360 resistance level is broken, the market will resume its uptrend. The sideways movement has kept the price of cryptocurrencies relatively stable. TAO is the fifth best performing cryptocurrency.

The current price: $332.66

Market Capitalization: $6,989,960,272

Trading Volume: $67,762,066

7–day Gain:  29.08%

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.